TUTORIAL (IN CLASS) INVENTORY QUESTION 1 (15 MARKS: 25 MINUTES) Friendzone Bhd's production and sales records for the period 2014-2016 are summarized below: Units produced Sales Year Unit 600,000 660,000 640,000 RM Unit RM 300,000 360,000 340,000 400,000 560,000 640,000 500,000 600,000 560,000 2014 2015 2016 All unit's produced from 2014-2016 are assigned using weighted average cost. The company uses FIFO (First-in, First-out) to measure profits and value of closing inventories. Required: a) Calculate the inventory value disclosed in Statement of Financial Position for year 2014, 2015 and 2016 (6 marks) b) Calculate the gross profit for year 2014, 2015 and 2016